Meat Alternatives Market to Cross US$ 15 Bn by 2029, Demand to Increase During Covid-19 Outbreak Owing to Disrupted Conventional Meat Supplies: Future Market Insights
Meat alternative manufacturers are largely investing in building strategic partnerships with major retail chains to bolster their distribution networks for the duration of the pandemic.
DUBAI, UAE / ACCESSWIRE / September 8, 2020 / The meat alternatives market is projected grow exponentially to a valuation of US$ 15 Bn by the end of the assessment period in 2029. The coronavirus outbreak has been beneficial in the short term for the meat alternatives market. The pandemic has significantly disrupted supply chains associated to the traditional meat industry. This in turn has pushed meat alternatives market players to increase production to fill the gap through 2020.
“Rising demand for plant-based meat alternatives has risen strongly owing to changes in consumer diet choices in line with health concerns that are linked to conventional meat products. Also, the growing numbers of vegans around the world will contribute to market prospects for the forecast period,” says the FMI study.
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Meat Alternatives Market – Important Takeaways
- Textured vegetable protein meat alternatives are rapidly gaining consumer interest owing to superior meat-like texture and versatile recipe applications.
- Online distribution channels are rapidly becoming mainstream, driven by massive investments in e-commerce business approaches.
- Asia Pacific is a highly lucrative market for meat alternatives owing to a large vegan and vegetarian population, and the popularity of soy-based meat substitutes.
Meat Alternatives Market – Driving Factors
- Declining consumption of red meat and processed meat products owing to health concerns of cancer, stroke, diabetes, and others, drive demand for meat alternatives.
- Favorable government initiatives and funding towards food security solutions will provide growth opportunities to market players.
Meat Alternatives Market – Leading Constraints
- Key differences between textures and flavors of meat alternatives and conventional meat remains a challenge for manufacturers.
- Nutritional deficits associated with meat alternative formulations restrict sales and consumption.
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Expected Impact on Market by Coronavirus Outbreak
The pandemic has disrupted the activities of sales, processing, and transport in the conventional meat industry. Meat consumption levels are unlikely to recovery strongly even after the pandemic, with consumers being more health conscious. However, sales of meat alternative products have risen significantly. Meat substitutes will have the most visible impact on minced meat products, while also appealing to the growing vegan and vegetarian demographic.
Some of the leading players participating in the meat alternatives market are Gushen Biotechnology Group Co. Ltd., Cargill Inc., MGP Ingredients, Archer Daniels Midland Co., Wilmar International Ltd., Ingredion Inc., Roquette Freres, AGRANA Beteiligungs AG, and Galnbia plc.
Players in the meat alternatives are seeking new plant-based sources for their offerings, in addition to expanding services in previously unexplored markets.
For instance, Kroner-Starke has set up an initiative to support ancient grain sources such as spelt starch for clean label meat substitute products. On a similar note, Loryma has introduced a new wheat-based binding system for the production of plant-based meat substitute products. Further, VeggieVictory has announced the receival of investor funding for its operations in Nigeria.
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More on the Report
FMI provides in-depth insights on the meat alternative market. The market is segmented in terms of product type (seitan, tofu, tempeh, textured vegetable protein, quorn, risofu, algae, insects, fermeted proteins, cultured meat, fish protein, and others), nature (organic and conventional), source (plant based protein, insect protein, and mycoprotein), storage (refrigerated, frozen, and shelf-stable) distribution channel (B2B, retail, and HoReCa) and end use application (B2B and B2C).
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SOURCE: Future Market Insights
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